INVESTMENTS (Tables)

3 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments by Security Type at Fair Value and Investments Valued Using Level 3 Inputs

As of June 30, 2026 and March 31, 2026, our investments, by security type, at fair value were categorized as follows within the ASC 820 fair value hierarchy:


	Fair Value Measurements

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of June 30, 2026:
Secured first lien debt	$	—	$	—	$	564,631	$	564,631
Secured second lien debt	—		—		102,789		102,789
Preferred equity	—		—		429,510		429,510
Common equity/equivalents	—		—		180,145		180,145
Total	$	—	$	—	$	1,277,075	$	1,277,075
Investments measured at NAV (A)	—		—		—		4,945
Total Investments	$	—	$	—	$	1,277,075	$	1,282,020
Cash equivalents	25		—		—		25
Total Investments and Cash Equivalents as of June 30, 2026	$	25	$	—	$	1,277,075	$	1,282,045


	Fair Value Measurements

	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
As of March 31, 2026:
Secured first lien debt	$	—	$	—	$	570,602	$	570,602
Secured second lien debt	—		—		99,197		99,197
Preferred equity	—		—		426,949		426,949
Common equity/equivalents	—		—		207,495		207,495
Total	$	—	$	—	$	1,304,243	$	1,304,243
Investments measured at NAV (A)	—		—		—		5,005
Total Investments	$	—	$	—	$	1,304,243	$	1,309,248
Cash equivalents	25		—		—		25
Total Investments and Cash Equivalents as of March 31, 2026	$	25	$	—	$	1,304,243	$	1,309,273

(A)Includes our investment in Gladstone Alternative as of June 30, 2026 and March 31, 2026. Investments that are measured at fair value using NAV as a practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented elsewhere in this Quarterly Report.

The following table presents our investments, valued using Level 3 inputs within the ASC 820 fair value hierarchy, and carried at fair value as of June 30, 2026 and March 31, 2026, by caption on our accompanying Consolidated Statements of Assets and Liabilities, and by security type:


	Total Recurring Fair Value Measurements Reported in Consolidated Statements of Assets and Liabilities Valued Using Level 3 Inputs
	June 30, 2026		March 31, 2026
Non-Control/Non-Affiliate Investments
Secured first lien debt	$	368,906	$	374,285
Secured second lien debt	100,389		97,397
Preferred equity	294,724		304,782
Common equity/equivalents	180,145		207,495
Total Non-Control/Non-Affiliate Investments	944,164		983,959

Affiliate Investments
Secured first lien debt	195,221		195,704
Secured second lien debt	2,400		1,800
Preferred equity	134,786		122,167
Common equity/equivalents (A)	—		—
Total Affiliate Investments	332,407		319,671

Control Investments
Secured first lien debt	504		613
Secured second lien debt	—		—
Preferred equity	—		—
Common equity/equivalents	—		—
Total Control Investments	504		613

Total investments at fair value using Level 3 inputs	$	1,277,075	$	1,304,243

(A)Excludes our investment in Gladstone Alternative as of June 30, 2026 and March 31, 2026 with a fair value of $4.9 million and $5.0 million, respectively, which was valued using NAV as a practical expedient.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to our fair value measurements. Significant level 3 inputs were weighted by the relative fair value of the investments.

Quantitative Information about Level 3 Fair Value Measurements

Fair Value as of

Valuation
Technique/
Methodology

Unobservable
Input

Range / Weighted-Average as of

June 30, 2026

March 31, 2026

June 30, 2026

March 31, 2026

Secured first
lien debt

564,631

570,602

TEV

EBITDA multiple

3.8x – 9.0x /

6.5x

3.6x – 8.7x /

6.4x

EBITDA

$367 – $39,298 /

$11,867

$430 – $28,973 / $11,991

Revenue multiple

0.4x – 0.6x /

0.4x

0.3x – 0.6x /

0.5x

Revenue

$20,670 – $92,487 /

$72,978

$21,768 – $99,974 / $62,789

Secured second
lien debt

102,789

99,197

TEV

EBITDA multiple

5.2x – 9.2x /

7.9x

5.0x – 10.3x /

7.6x

EBITDA

$3,177 – $51,487 /

$30,610

$3,000 – $44,315 / $19,510

Preferred
equity

429,510

426,949

TEV

EBITDA multiple

3.8x – 9.0x /

6.2x

3.6x – 8.7x /

6.4x

EBITDA

$367 – $39,298 /

$18,946

$430 – $28,973 / $9,870

Revenue multiple

0.4x – 0.6x /

0.4x

0.3x – 0.6x /

0.4x

Revenue

$20,670 – $92,487 /

$92,487

$21,768 – $99,974 / $76,364

Common equity/
equivalents

180,145

207,495

TEV

EBITDA multiple

5.0x – 9.2x /

9.0x

5.0x – 10.3x /

9.0x

EBITDA

$1,647 – $51,487 /

$48,426

$1,210 – $44,315 / $32,353

Total

1,277,075

1,304,243

Schedule of Changes in Level 3 Fair Value Measurements of Investments

The following tables provide our portfolio’s changes in fair value, broken out by security type, during the three months ended June 30, 2026 and 2025 for all investments for which the Adviser determines fair value using unobservable (Level 3) inputs.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)


	Secured First Lien Debt		Secured Second Lien Debt		Preferred Equity		Common Equity/ Equivalents		Total
Three Months Ended June 30, 2026:
Fair value as of March 31, 2026	$	570,602	$	99,197	$	426,949	$	207,495	$	1,304,243
Total gain (loss):
Net realized gain (loss)(A)	(9,000)		—		—		—		(9,000)
Net unrealized (depreciation) appreciation(B)	(592)		2,992		2,561		(27,350)		(22,389)
Reversal of previously recorded depreciation upon realization(B)	3,621		—		—		—		3,621
New investments, repayments and settlements(C):
Issuances / originations	—		600		—		—		600
Settlements / repayments	—		—		—		—		—
Sales	—		—		—		—		—
Transfers	—		—		—		—		—
Fair value as of June 30, 2026	$	564,631	$	102,789	$	429,510	$	180,145	$	1,277,075
Change in unrealized (depreciation) appreciation attributable to investments still held at June 30, 2026	$	(592)	$	2,992	$	2,561	$	(27,350)	$	(22,389)


	Secured First Lien Debt		Secured Second Lien Debt		Preferred Equity		Common Equity/ Equivalents		Total
Three Months Ended June 30, 2025:
Fair value as of March 31, 2025	$	514,334	$	103,580	$	302,163	$	54,268	$	974,345
Total gain (loss):
Net realized gain (loss)(A)	—		—		—		—		—
Net unrealized (depreciation) appreciation (B)	1,152		376		(3,683)		1,073		(1,082)
Reversal of previously recorded (appreciation) depreciation upon realization(B)	—		—		—		—		—
New investments, repayments and settlements(C):
Issuances / originations	45,941		—		16,901		—		62,842
Settlements / repayments	(4,370)		—		—		—		(4,370)
Sales	—		—		—		—		—
Transfers(D)	—		(10,616)		10,616		—		—
Fair value as of June 30, 2025	$	557,057	$	93,340	$	325,997	$	55,341	$	1,031,735
Change in unrealized appreciation (depreciation) attributable to investments still held at June 30, 2025	$	1,152	$	376	$	(3,683)	$	1,073	$	(1,082)

Included in net realized gain (loss) on investments on our accompanying Consolidated Statements of Operations for the respective three months ended June 30, 2026 and 2025.

(B)Included in net unrealized (depreciation) appreciation of investments on our accompanying Consolidated Statements of Operations for the respective three months ended June 30, 2026 and 2025.

(C)Includes increases in the cost basis of investments resulting from new portfolio investments, the amortization of discounts and other non-cash disbursements to portfolio companies, as well as decreases in the cost basis of investments resulting from principal repayments or sales, the amortization of premiums and acquisition costs, and other cost-basis adjustments.

(D)Transfers represent secured second lien debt of PSI Molded Plastics, Inc. ("PSI Molded") with a total cost basis of $10.6 million, which was converted to preferred equity in June 2025.

Schedule of Investment Concentrations

The following table summarizes our investments by security type as of June 30, 2026 and March 31, 2026:


	June 30, 2026								March 31, 2026
	Cost				Fair Value				Cost				Fair Value
Secured first lien debt	$	584,008	55.9	%	$	564,631	44.0	%	$	593,008	56.3	%	$	570,602	43.6	%
Secured second lien debt	153,440		14.7	%	102,789		8.1	%	152,840		14.5	%	99,197		7.6	%
Total debt	737,448		70.6	%	667,420		52.1	%	745,848		70.8	%	669,799		51.2	%

Preferred equity	257,403		24.7	%	429,510		33.5	%	257,403		24.5	%	426,949		32.6	%
Common equity/equivalents	49,597		4.7	%	185,090		14.4	%	49,597		4.7	%	212,500		16.2	%
Total equity/equivalents	307,000		29.4	%	614,600		47.9	%	307,000		29.2	%	639,449		48.8	%
Total investments	$	1,044,448	100.0	%	$	1,282,020	100.0	%	$	1,052,848	100.0	%	$	1,309,248	100.0	%

Investments at fair value consisted of the following industry classifications as of June 30, 2026 and March 31, 2026:


	June 30, 2026				March 31, 2026
	Fair Value		Percentage of Total Investments		Fair Value		Percentage of Total Investments
Machinery (Non-Agriculture, Non-Construction, and Non-Electronic)	$	222,005	17.3	%	$	258,692	19.8	%
Diversified/Conglomerate Services	194,037		15.1	%	189,148		14.4	%
Home and Office Furnishings, Housewares, and Durable Consumer Products	173,346		13.5	%	166,553		12.7	%
Aerospace and Defense	169,054		13.2	%	174,542		13.4	%
Oil and Gas	123,550		9.6	%	125,605		9.6	%
Leisure, Amusement, Motion Pictures, and Entertainment	110,550		8.6	%	105,339		8.0	%
Buildings and Real Estate	64,830		5.1	%	68,987		5.3	%
Electronics	62,968		4.9	%	62,723		4.8	%
Chemicals, Plastics, and Rubber	52,499		4.1	%	49,715		3.8	%
Healthcare, Education, and Childcare	41,823		3.3	%	41,630		3.2	%
Mining, Steel, Iron and Non-Precious Metals	40,574		3.2	%	37,713		2.9	%
Telecommunications	7,459		0.6	%	7,942		0.6	%
Other < 2.0%	19,325		1.5	%	20,659		1.5	%
Total investments	$	1,282,020	100.0	%	$	1,309,248	100.0	%

Investments at fair value were included in the following geographic regions of the U.S. and Canada as of June 30, 2026 and March 31, 2026:


	June 30, 2026				March 31, 2026
Location	Fair Value		Percentage of Total Investments		Fair Value		Percentage of Total Investments
United States
South	$	616,300	48.1	%	$	649,436	49.6	%
West	224,589		17.5	%	227,294		17.3	%
Midwest	218,088		17.0	%	216,726		16.6	%
Northeast	199,303		15.5	%	193,837		14.8	%
Canada	23,740		1.9	%	21,955		1.7	%
Total investments	$	1,282,020	100.0	%	$	1,309,248	100.0	%

Schedule of Investment Principal Repayments

The following table summarizes the contractual principal repayment and maturity of our investment portfolio by fiscal year, assuming no voluntary prepayments, as of June 30, 2026:


		Amount
For the remaining nine months ending March 31, 2027		$	40,340
For the fiscal years ending March 31:
	2028	111,442
	2029	288,690
	2030	159,506
	2031	137,470
	Thereafter	—
	Total contractual repayments	$	737,448
	Investments in equity securities	307,000
	Total cost basis of investments held as of June 30, 2026:	$	1,044,448

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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